grace period

noun

: a period of time beyond a due date during which a financial obligation may be met without penalty or cancellation

Examples of grace period in a Sentence

The terms of the loan allow for a ten-day grace period.

Recent Examples on the Web

For example, Electrify America charges 40 cents per minute after a 10-minute grace period, Tesla charges 50 cents per minute for idling, and $1 per minute during peak usage times. —Mark Maynard, San Diego Union-Tribune, 22 July 2025

Reacting to Trump’s new pledges of military aid for Ukraine, European Union foreign policy chief Kaja Kallas, welcomed his firmer tone toward Russia, but not the 50-day grace period. —Katya Soldak, Forbes.com, 15 July 2025

Saturn goes retrograde today, giving you a grace period to adjust. —Usa Today, USA Today, 13 July 2025

After a one-month grace period, exceeding that threshold incurs a surcharge of $10 for each extra 50GB, up to $100 a month. —Rob Pegoraro, PC Magazine, 26 June 2025

Word History

First Known Use

1907, in the meaning defined above

Rhymes for grace period

• myriad
• photoperiod

Legal Definition

grace period

noun

grace pe·​ri·​od

: a period of time beyond a scheduled date during which a required action (as payment of an obligation) may be taken without incurring the ordinarily resulting adverse consequences (as penalty or cancellation): as

a

: a period of 30 days or one month during which premiums on insurance policies may be paid without penalty

b

: a period of ten days during which certain security interests (as those in fixtures) must be perfected in order to have priority over conflicting security interests under Article 9 of the Uniform Commercial Code

called also days of grace